Cousins' Net Income, FFO Up in Q1

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ATLANTA-Cousins Properties Inc. is reporting a strong first quarter performance with net income and funds from operations both up. Net income was $8.4 million, or 16 cents per share, compared with $5.5 million or 11 cents per share. FFO totaled $19.1 million, or 37 cents per share, versus $16.3 million or 32 cents last year.

“The increase in net income available and FFO is primarily attributable to the recognition of revenues on the company’s two multifamily projects; revenues on development projects that have become fully or partially operational; and increases in income from joint ventures, offset by a decrease in gains on sale of investment properties,” Cousins CEO and president Tom Bell says in a prepared statement.